Pune’s real estate is fast growing and developing at a tremendous rate. Today, Pune is commercializing, and still upholds its traditional background on which the city is built upon. There is significant development in terms of infrastructure or real estate in the past years. The city has transformed into an education and commercial hub for not only Indians but also, people across the Indian border. There are a variety of people in various sects of the society in Pune who stay with a purpose of their own.
The effect of the IT revolution on Pune’s real estate market has indeed been tremendous. Today, Pune’s developers are catering to an entirely different set of demographics than they did 15-20 years ago. The sky high rates for real estate on Deccan or KP or SB road, and the market in Bavdhan is seemingly a better option with its proximity to the city plus low rates.
It is unnecessary to buy a new or pre-owned flats in Pune for a student or an employee; Just because, they cannot afford this unnecessary expenditure. Pune isn’t a city for settlers. People usually, resale flats in Pune if there is a ‘deal’ available – Flats in newly-built complexes have a higher resale-rate than other residences. The city’s residential property market catered to a very basic level of requirements. Resale property has the advantage of negotiating the rate. Bargaining can be done but again it depends on the area and location of the property. It takes around on an average two month’s time to close one deal and as of now around three to four deals are happening per month. A strategic location plays a vital role in gaining good resale value. Demand of an area depends upon the better job and education opportunities. However, in central locations, there may be no price advantage in resale houses as prices are determined by location. Builders try and keep some part of the property with them as initially they earn money from rent, and as the value goes up, they resell it.
Pune based Kolte-Patil Developers announces four new projects, to be spread over 1.8 million square feet limited. While the resale market will doubtlessly continue to draw attention, more and more home buyers in Pune will not settle for less than a brand-new flat in Pune with the latest features, fittings and other advantages – Offering significant discounts while the project is still under construction, fresher designs, are fully compliant with latest development regulations and have features such as rainwater harvesting and reserved parking. A new trend of ‘home obsolescence’ has now become a firmly entrenched market dynamic.
Pune isn’t short of new flats with various projects coming-up throughout the city. It’s important for buyers to look forward according to their budget, and then their requirements to get a value-for-money flat in Pune. It is preferable to buy a new flat in Pune rather than a pre-owned flat due to various reasons mentioned earlier.
Pune has certainly made a mark and added its name to Indian’s fast developing cities. Pune alike every fully urbanized city works 24×7 to insure its constant development. Pune has the perfect balance of spirituality and modernization helping itself to grow everyday keeping its soul intact. People are quite conservative about their customs and religious views plus doings. Especially, the older generation of city doesn’t enjoy living in their new investments. While, the youngsters or the middle-aged group people like to invest in new flats than buying a pre-owned flat. Pune is an ideal place to invest: with the city having a combined blend of nature, spirituality and urban culture.